What's driving the Demand Response Management System Market Growth?
Leading players in the global demand response management system market include Johnson Controls Inc., Comverge Inc., Opower Inc., Honeywell International Inc., Schneider Electric, Eaton, Siemens AG, Enel X North America Inc., and ABB Ltd.
The global demand response management system market size is expected to exhibit a strong 7.8% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global demand response management system market share was valued at USD 21.8 billion in 2017 and is expected to rise to a valuation of USD 45.6 billion by 2023. The global demand response management system market trends is studied in great detail in the latest report from Market Research Future (MRFR), which includes a detailed analysis of the market’s historical growth trajectory and present condition. Major trends operating in the global demand response management system market trends are examined in the report.
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Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2023 are presented in the report. Leading drivers and restraints operating on the global demand response management system market growth are examined in the report. The impact of these major drivers and restraints on the global demand response management system market is examined in detail in the report. Thus, the major factors enabling the market’s growth are enlisted and profiled in the report. Leading players operating in the global demand response management system market are also profiled in the research report. The competitive landscape of the global demand response management system market is thus examined in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global demand response management system market.
Demand response management systems (DRMS) are software platforms used by utilities and energy suppliers to track and comprehensively manage their operations. The global demand response management system market is driven primarily by the growing adoption of smart grid systems across the globe. The demand for smart grids has grown progressively as people have come to realize their various benefits over conventional grid systems. Smart grid systems allow better tracking of the energy consumption and help reduce the overall energy consumption, making them highly valuable in today’s times of resource conservation and environmental protection.
Increasing demand for smart grids and demand response management system from the residential sector is likely to be a major opportunity for players in the demand response management system market share over the forecast period. The residential sector has become a major market for smart grid technology over the last few years, as individual consumers and families have become increasingly aware to the positive environmental impact they can have through simple measures such as adopting smart grids and keeping their energy consumption in check. The financial benefits of smart grid systems have also convinced residential consumers to opt for smart grids over the last few years. This is likely to be a major demand channel for the global demand response management system market over the forecast period. On the other hand, the high initial investment required for demand response management systems is likely to hamper the market’s growth prospects over the forecast period. While the long-term benefits of DRMS are immense, the high initial costs act as a deterrent to their widespread uptake, especially in the residential sector, where individual users may not necessarily be ready to spend large amounts on installing demand response management systems.
The global demand response management system market growth is segmented on the basis of service, solution, end use, and region.
By service, the global demand response management system market is segmented into consulting, curtailment, maintenance, and managed.
By solution, the global demand response management system market is segmented into commercial, industrial, and residential.
By end use, the global demand response management system market is segmented into energy and power, agriculture, public buildings, and commercial spaces.
North America is likely to be the dominant contributor to the global demand response management systems market over the forecast period due to the widespread establishment of smart grid infrastructure in countries such as the U.S. APAC is also likely to be a major market for demand response management systems over the forecast period due to the growing demand from entities in the government sector as well as the residential sector.
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